More Government backing for fintech 8Common

Financial technology company, 8common (ASX: 8CO), have received a boost in confidence following the announcement that a Northern Territory Government Department have extended their contract with the company. 

The contract between the Northern Territory Department of Corporate Information Systems (DCIS) and 8common for another three years includes two one-year extension options and is estimated to secure $475,000 over the term for the company. 

Andrew Bond, 8common CEO, said “The use of sovereign data centres and our compliance with IRAP [Information Security Registered Assessors Program] security standards make 8common’s expense management system highly attractive to government enterprise and has been a significant contributor to our success in the public sector. 8common continues to consolidate its leading position within the government vertical to secure significant, long-term contracts that allow us to offer our TEM [Travel and Expense Management] software and card services to a range of government departments on a state and federal level, and ensure consistent revenue will support the sustainable growth of our software solution.” 

Contracts for the company during FY20 have been estimated to be over A$1.83m, with the company delivering their software to large Australian companies including Woolworths and Mitre 10. The DCIS contract extension comes less than three months after the news that the NSW Department of Education, Transport for NSW, and the Federal Prime Minister and Cabinet, all extended their contracts with the company. 

With the DCIS having used Expense8 for over 16 years and the recent extensions, it would appear that 8common is attaining strong consumer loyalty for their core Travel and Expense Management system.